                                 CODE OF VIRGINIA

REVENUE BONDS (§ 15.2-1749)

A. Each academy is hereby authorized, after a resolution adopted by a majority
of its board of directors, to issue, at one time or from time to time, revenue
bonds of the academy on a taxable or tax-exempt basis for the purpose of
acquiring, purchasing, constructing, reconstructing, or improving training
facilities and acquiring necessary land or equipment therefor, and to refund any
bonds issued for such purposes. The bonds of each issue shall be dated, shall
mature at such time or times not exceeding forty years from their issue date or
dates and shall bear interest at such fixed or variable rate or rates as may be
determined by the board of directors, and may be made redeemable before maturity
at the option of the board of directors at such price or prices and under such
terms and conditions as may be fixed by the authority prior to the issuance of
the bonds. The board of directors shall determine the form of the bonds,
including any interest coupons to be attached thereto, and the manner of
execution of the bonds, and shall affix the denomination or denominations of the
bonds and the place or places of payment of principal and interest, which may be
at any bank or trust company within or outside the Commonwealth. In case any
officer whose signature or a facsimile of whose signature appears on any bonds
or coupons ceases to be such officer before the delivery of such bonds, such
signature or facsimile shall nevertheless be valid and sufficient for all
purposes the same as if he had remained in office until such delivery.
Notwithstanding any of the other provisions of this article or any recitals in
any bonds issued under the provisions of this article, all such bonds shall be
deemed to be negotiable instruments under the laws of this Commonwealth. The
bonds may be issued in coupon or registered form or both, as the board of
directors may determine, and provision may be made for the registration of any
coupon bonds as to principal alone and also as to both principal and interest,
and for the reconversion into coupon bonds of any bonds registered as to both
principal and interest. The board of directors may sell such bonds in such
manner, either at public or private sale, and for such price as it may determine
to be for the best interests of the academy.

B. The resolution providing for the issuance of revenue bonds, and any trust
agreement securing such bonds, may also contain such limitations upon the
issuance of additional revenue bonds as the board of directors may deem proper
and such additional bonds as shall be issued under such restriction and
limitations as may be prescribed by such resolution or trust agreement.

C. Bonds may be issued under the provisions of this article without obtaining
the consent of any commission, board, bureau, or agency of the Commonwealth or
of any political subdivision and without any other proceedings or conditions as
are specifically required by this article.

D. Bonds issued under the provisions of this article shall not be deemed to
constitute a debt of the Commonwealth or of any political subdivision thereof or
a pledge of the faith and credit of the Commonwealth or of any political
subdivision thereof. The bonds shall be payable solely from revenues or other
property of the academy specifically pledged for such purpose.

E. &#8220;Bonds&#8221; or &#8220;revenue bonds&#8221; as used in this article
shall embrace notes, bonds and other obligations authorized to be issued
pursuant to this article.

HISTORY: 1993, c. 935, § 15.1-159.7:3; 1997, c. 587.